Is Apple a Finance Company Now?

Apple is a FINANCE Company Now - I’ll Prove it (Not Clickbait)

What if I told you your iPhone, Macbook, and AirPods are all made by a finance company – one that will pay YOU to use its products?

That’s right – in the next few minutes, I’ll prove to you that Apple – the 2.5 trillion dollar tech giant whose products you most likely own – is now a finance company.

Apple Finance Company
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And at the end of this video, I’ll share with you a little secret that’ll actually help you earn money from Apple instead of just spending it on their products.

Don’t believe me? Watch till the end.

Topics Covered


When you think of Apple, what comes to your mind first? iPhones, iPads, macbooks, Apple Watches?

Then maybe Apple TV, Apple podcast, and Apple music.

What you probably don’t know is that Apple actually has many financial offerings and is slowly but surely building a financial services ecosystem.

In addition to the more well-known services like Apple Pay and Apple Wallet, Apple now offers a credit card, a bank account, and Buy Now Pay Later.

But what are they – and which ones should you use? Let’s find out.

Apple Card

Apple Card iPhone Apple Wallet
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First, let’s look at Apple’s credit card: the Apple Card.

Although it can be used as a normal credit card, Apple Card is meant to be used through an iphone, and integrates with the existing Apple Wallet app.

In fact, to get an Apple Card, you need to have an iphone.

Apple card has no fees and gives cash back on purchases – with more cash back on Apple products and for using Apple pay instead of the physical card.

Apple Card is a MasterCard being offered in collaboration with Goldman Sachs, and is accepted anywhere Apple Pay or MasterCard are accepted.

Should you use Apple Card?

If you spend a lot of money on Apple products and usually use Apple Pay anyway, Apple Card can be a good option as it gives high cash back and has zero fees – no annual fees, no late fees, and no foreign transaction fees.

However, it has a variable APR up to 27% – which is average, but is high enough for you to avoid using Apple Card if you can’t pay off your balance in full every month.

Bottom line, if you prefer using a physical card, don’t buy a lot of Apple products, or carry a balance from month to month, Apple Card is not a good choice.

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Apple Wallet

How do you use your Apple Card? It’s built into Apple Wallet. But what is Apple Wallet?

It is a digital wallet app, which is home to Apple’s financial offerings like Apple Card, Apple Pay, and Apple Cash. Apple Wallet can also store things like driver’s license or other IDs, tickets, and credit cards.

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It comes pre-installed on all iPhones and is available on Apple Watches.

Apple Pay Later

Apple also recently launched a Buy Now, Pay Later service called ‘Apple Pay Later’.

Apple Pay Later - Buy Now Pay Later
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BNPL allows people to buy something now, and pay for it in smaller installments over time, with no interest or fees.

Apple Pay Later works by splitting the cost of a purchase into 4 equal installments that are paid over the course of 6 weeks – with the first installment due at the time of purchase.

Apple Pay Later can only be used through an iPhone or iPad with merchants that accept Apple Pay.

Should you use Apple Pay Later?

The answer – for most people – is no.

Although Apple Pay Later might seem like a convenient and easy way to split up payments, it does more harm than good – just like any other BNPL service.

People often make purchases through BNPL that they would not have made if they had to pay in full – which means that it is much easier to overspend while using Apple Pay Later.

Therefore, it’s best to stay away from Apple Pay Later and instead only buy what you can afford to pay for in full.

Apple Pay

Apple’s most well-known financial offering, Apple Pay, is a payment system that’s built into Apple Wallet on iPhones, Apple Watches, and other Apple products.

It allows you to pay online or at stores using just your phone or watch.

Through Apple Pay, you can use various credit or debit cards – without needing to carry the physical cards, making it very convenient.

Should you use Apple Pay?

Absolutely! If you have an iPhone, it is a great option for all your purchases because it makes payments easier and is built into Apple Wallet.

Apple Cash

Apple Cash is another important part of Apple’s financial offerings.

It’s primarily a peer-to-peer payment service like Venmo or Zelle that is pre-installed on iPhones. You can use Apple Cash to send and receive money through iMessage or Apple Wallet.

You can also maintain a balance of Apple Cash and transfer money between Apple Cash and a bank account.

Apple Cash is offered in collaboration with Visa, and acts like a digital prepaid card that you can use to make payments in stores, in apps, and online while using Apple Pay.

While users need to be over 18 years old, Apple Cash Family allows Apple Cash to be set up for family members under 18, who can then be given allowance or spending money without the hassle or risk of using an actual credit or debit card.

Should you use Apple Cash?

Apple cash is a convenient way to send and receive money, and can be a good option when transacting with other Apple users.

It can also be used like a prepaid card for purchases.

Through Apple Cash Family, it helps inculcate good money habits for your kids by making them responsible for their spending while giving parents control and peace of mind.

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Apple’s Savings Account

And now, the most exciting Apple offering: their bank account.

Apple Savings Account
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Apple’s savings account is only available to Apple Card users and can be easily managed through Apple Wallet from an iPhone or iPad. It is offered in collaboration with Goldman Sachs.

You can automatically deposit your rewards (called Daily Cash) from the card into Apple savings account – where it can earn interest.

You can also deposit money into the savings account manually like you would with any other savings account. You can withdraw money at anytime from this account without incurring any fees by transferring it to a linked bank account or to Apple Cash.

Apple’s Savings Account: Interest Rate

And now for the secret you’ve been waiting for!

The average interest rate for savings accounts in the US is between 0.2% and 0.4%. But Apple’s savings account has a whopping 4.15% interest rate. That’s over 10 times the national average!

Apple’s savings account has no fees, no minimum deposit, and no minimum balance requirements to earn the interest.

Should You Use Apple’s Savings Account?

Although there are other high-yield savings accounts, if you already have an Apple Card or plan on getting one, this FDIC insured savings account is a great place to put Daily Cash so it can grow.

In addition, you can also use it as a traditional savings account by depositing money into it to earn high interest.

After all the money you have been spending on Apple, this is your chance to make Apple pay you instead!

Podcast: Is Apple a Finance Company Now?

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